Volodymyr Groysman: Moody's upgrades Ukraine's rating and this is a recognition of success of the country's reforms

An international credit rating agency Moody's Investors Service, which is among the top three largest agencies in the world, has upgraded the government of Ukraine's local and foreign currency issuer and senior unsecured ratings to Caa2. Commenting on the said upgrade, Prime Minister of Ukraine Volodymyr Groysman stressed that this is the evidence of success of the country’s structural reforms

«Among the key factors of the credit rating change in the positive direction are the effect of far-reaching reforms and strengthening of Ukraine's positions on the world market. According to the forecasts of financial experts, the continuation of pursuing sustained reforms will improve the debt dynamics of our state», the Prime Minister claimed.

He stressed that there is a great deal of work ahead, inter alia in the political stability sector, sustainability of economic transformations, the strengthening of the exchange rate and the overall strengthening of the economy. The success of reforms, in particular at the macro level, will allow not only to restore and boost the economic growth, but also to cope with the forecasted heavy debt payments from 2019 onward, when Ukraine will have to repay the debts of previous periods.

«We are proud that the international agency has recognized our achievements in the field of transparency of the gas sector, public procurement, taxation, and the banking sector. Moreover, we keep in mind that our partners are expecting the implementation of reforms already announced by the Government, in particular, retrofitting of the pension system, privatization, and land reform. We have been and remain committed to a course of transformations for the future of the state and improving the welfare of citizens», the Prime Minister underscored.